Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

10 March 2016, 11:04
Vasilii Apostolidi
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EUR/USD: Neutral: Still neutral with key levels at 1.0900 and 1.1100.

EUR is still trading in an undecided manner and we reckon ECB will determine whether we break below 1.0900 or above 1.1100.

The outlook is finely balanced and the odds for a break lower/ higher appear to be even.

GBP/USD: Neutral: Recovery could extend further to 1.4400.

While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top.

The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet.

AUD/USD: Bullish: 0.7480 target exceeded, next objective at 0.7535.

The high of 0.7528 held just below the 0.7535 objective. The pull-back from the high is likely a short-term consolidation phase and the probability for a move above 0.7535 in the coming days appear to be quite high.

The next resistance is at 0.7600.

NZD/USD: Neutral: Pull-back likely limited to 0.6545.

Our recent expectation for NZD/USD to move higher towards the massive 0.6880/0.6900 resistance zone was proven wrong as NZD plunged and took out the key support at 0.6685. The sharp pull-back from the high appears to have scope to extend lower to test the 0.6545 low seen in mid-February but at this stage, a move below this level is not expected.

To put it another way, we are neutral now and expect this pair to trade between 0.6545 and 0.6750 for the next 1 to 2 weeks.

USD/JPY: Neutral: Still neutral, back in a broad 112.00/114.55 range.

The recent pick-up in downward momentum fizzled out quickly as USD rebounded strongly from a low of 112.20. We have held a neutral view since the middle of last month and at this stage, there is no change in our outlook.

Further choppy can be expected, likely in a broad 112.00/114.00 range.

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